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All firms in a competitive industry have long-run total cost curves given by

LTC = Q^3 - 10Q^2 + 36q,
and
LTC = q^2 + 4q

where Q is the firm's level of output. I am having trouble finding the industry's long term equilibrium price as well as the long term equilibrium output level for each LTC.

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This solution finds the term equilibrium output level.

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All firms in a competitive industry have long-run total cost curves given by

LTC = Q^3 - 10Q^2 + 36q,
and
LTC = q^2 + 4q

where Q is the firm's level of output. I am having trouble finding the industry's long term equilibrium price as well as the long term equilibrium output level for each LTC.

Remember that long run equilibrium occurs at the minimum of the ...

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